Fujairah’s fuel oil stocks declined 28% in March

Fujairah’s fuel oil inventories averaged 28% lower in March than in February, Fujairah Oil Industry Zone (FOIZ) and S&P Global data show.

Changes in monthly average Fujairah stocks from February to March:

• Heavy distillate and residual stocks down 2.23 million bbls to 5.80 million bbls
• Middle distillate stocks down 976,000 bbls to 2.02 million bbls

Fuel oil inventories at the UAE’s Port of Fujairah have fallen below 6 million bbls, marking multi-year lows.

Fuel oil imports averaged just 14,000 b/d in March, a sharp drop from 218,000 b/d in February, according to cargo tracker Vortexa. During the same period, exports from the Middle East’s key bunker hub also declined significantly, down by 146,000 b/d to 74,000 b/d.

In January, all fuel oil imports into Fujairah originated from Iran (100%). On the export side, the majority of volumes were shipped to Singapore (72%), with Pakistan (15%) and Mauritius (13%) accounting for the remainder.

Fujairah’s middle distillate stocks also declined, averaging 33% below February levels.

Despite persistent regional volatility, bunkering operations at the Port of Fujairah continue without interruption, even after repeated attacks in recent weeks, a source said. Most terminals and anchorages remain fully operational. However, fuel availability across all grades is tight, with offers typically subject to firm enquiry, a trader added.

By Tuhin Roy

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